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Saturday August 13, 2011 - Professional Auction Services, Inc.

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CONDITIONS OF SALE<br />

FIRST - Horses are offered for sale according to the laws of the State of TENNESSEE. The highest bidder will be the Buyer.<br />

Immediately after the horse is designated as sold, the bidder recognized as the Buyer by the auctioneer will be presented<br />

with a Buyer’s Agreement. The Buyer’s Agreement will show the Hip number, name of the horse, and the selling price. The<br />

Buyer must immediately and legibly complete the required information and sign this agreement. The Buyer shall present<br />

picture identification (such as a driver’s license) to confirm information to auction staff at time of signing. Presentation of<br />

the Buyer’s Agreement to anyone other than the bidder recognized by the auctioneer will not entitle that person to right,<br />

title, or ownership of the horse.<br />

If any dispute arises between two or more bidders, the horse in dispute shall immediately be put up again for advance bids. If<br />

there be no advance the horse shall go to the person from whom the auctioneer recognized the last bid. The auctioneer<br />

will decline any bids made by parties who have defaulted in former purchases or by persons who in his judgment, are not<br />

responsible bidders. Rights of consignors to bid are reserved unless otherwise announced. If a consignor does not wish to<br />

sell their horse for the final bid price, they will announce the horse to be a “No Sale” immediately after the auctioneer has<br />

struck the horse down and signified the end of the bidding, with the consignor retaining ownership.<br />

SECOND - BUYERS ASSUME ALL EXPENSES AND RISKS ON HORSES AFTER THEY HAVE BEEN STRUCK DOWN TO<br />

THEM. PAS, <strong>Inc</strong>. recommends the buyer obtain Full Mortality Insurance on horses immediately after purchase, however,<br />

this decision and risk rest solely with the buyer. Upon receiving payment for the horse the cashier will issue a two part<br />

receipt. Buyer must present the pink copy of this receipt to Security at the time the horse is removed from grounds. All<br />

horses must be removed from sale ground, by NOON, SUNDAY, <strong>August</strong> 14, <strong>2011</strong>, or in the possession of the Buyer.<br />

Failure to remove the horse for any reason will obligate the buyer to pay all costs associated with board, transportation and<br />

security of the horse. Security charges of $20 for every hour past noon will apply.<br />

THIRD - <strong>Professional</strong> <strong>Auction</strong> <strong>Services</strong>, <strong>Inc</strong>. may distribute or publish the results of this sale in publications or post the results<br />

on it’s web site including such information as the price and buyer’s name.<br />

FOURTH - Terms of sale are cash and payment in full must be made immediately after the sale is over. Pay the cashier in all<br />

cases. Payment may be made in the form of cash, personal or business check with proper identification, cashier’s or<br />

certified check, valid traveler’s checks, Master Card, Visa or American Express. Checks must be made out to PROFES-<br />

SIONAL AUCTION SERVICES, INC. In no case may any part of the purchase price be paid direct to the consignor by the<br />

purchaser and such payment shall not be valid or entitle the buyer to obtain the horse. A buyer’s premium of 3% will be<br />

charged on the final bid price. The buyer’s premium will be fully discounted for any amount of the purchase price paid by<br />

cash or check. Buyer agrees not to stop payment on check for any reason. A charge of $50.00 will be made on any check<br />

that is returned. Buyer agrees not to stop payment on check for any reason. A charge of $50.00 will be made on any check<br />

that is returned.<br />

FIFTH- If any person shall purchase a horse and not pay for it as prescribed above, the sale management or consignor shall<br />

have the right to resell the horse or at their option bring legal action in which event buyer agrees to pay all cost of such suit<br />

together with reasonable attorney fees as fixed by the court. In the event of resale the defaulting buyer agrees to pay all<br />

costs of resale and price deficiency, if any. Interest of 1-1/2% per month will be charged on the unpaid balance of any<br />

account not paid for as set forth in these conditions.<br />

SIXTH- All registration papers will be withheld by the sale management until all checks clear the bank (21 days) at which<br />

time they will be mailed, with completed transfer reports to AQHA for Quarter Horses and to the buyer for other breeds.<br />

Quarter Horse transfers can only be completed with a current membership. NOTE: If any buyer desires to obtain papers<br />

immediately, the horse or horses must be paid for with cash, cashier's or certified check, or personal check accompanied<br />

by a Letter of Guarantee issued by your bank. Please call PAS, <strong>Inc</strong>. office for letter format.<br />

SEVENTH- Every effort has been made to assure correctness of the catalog but <strong>Professional</strong> <strong>Auction</strong> <strong>Services</strong>, <strong>Inc</strong>., the sale<br />

management and auctioneer are not responsible for errors or omissions and assume no liability on the part of the seller as<br />

to any such statements, either verbal or written regarding horses sold. All statements and corrections at the sale will<br />

supercede the catalog.<br />

EIGHTH- <strong>Professional</strong> <strong>Auction</strong> <strong>Services</strong>, <strong>Inc</strong>., auctioneers and clerks do not act for or represent the buyer or seller, but<br />

merely provide a medium for bringing together the buyer and seller for the purpose of sales transactions. <strong>Professional</strong><br />

<strong>Auction</strong> <strong>Services</strong>, <strong>Inc</strong>. and sales personnel assume no responsibility whatsoever to anyone for blemishes, defects, the<br />

physical condition or health of any horse and make no warranties or representations of any kind in the sale. THE BUYER<br />

SPECIFICALLY WAIVES ALL IMPLIED WARRANTIES OF FITNESS AND MERCHANTABILITY. ALL RESPONSIBILITY<br />

LIES BETWEEN THE CONSIGNOR AND THE BUYER.<br />

NINTH- Buyers and spectators are cautioned to be careful while on the grounds and particularly while horses are being sold<br />

or shown in the sale ring. THE SALE MANAGEMENT IS NOT RESPONSIBLE FOR ACCIDENTS.<br />

TENTH- The Tennessee Miller Coliseum assumes NO responsibility for the Sale or for accidents on the grounds.<br />

ELEVENTH- Bidding procedure - minimum advance in bidding are $25 to $2,000, $50 to $5,000 and $100 thereafter. There<br />

shall be an upset price of $200 on any horse offered. If an opening bid of the upset price is not received, the horse shall be<br />

led from the sale ring as unsold.<br />

TWELFTH- Broodmares will be guaranteed only to have been bred to stallions as indicated. Any purchaser of a broodmare<br />

sold in this sale may have the mare examined by an acceptable veterinarian within 12 hours after the start of the sale and<br />

before the horse leaves the sale premises. Any broodmare so examined whose pregnancy or breeding soundness status<br />

is found not to be as represented at the time of sale, may be returned to the consignor as unsold, and the consignor shall<br />

pay veterinarian’s fee for examination. Otherwise, no guarantee is made of pregnancy status or eventual foaling unless<br />

made specifically by consignor. No return privileges or live foal guarantees accompany mares unless stated by ....<br />

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